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H2O AMERICA（HTO）与Turning Point Brands, Inc.（TPB）财务数据对比。点击上方公司名可切换其他公司
H2O AMERICA的季度营收约是Turning Point Brands, Inc.的1.6倍（$199.4M vs $121.0M），H2O AMERICA净利率更高（8.1% vs 6.8%，领先1.3%），Turning Point Brands, Inc.同比增速更快（29.2% vs 1.5%），过去两年Turning Point Brands, Inc.的营收复合增速更高（20.7% vs 15.3%）
H2O Wireless是美国的预付费移动通信服务商，依托AT&T网络运营，隶属于MVNO（移动虚拟网络运营商）Locus通信，自2019年起Locus成为Telrite控股的子公司，此前2010年起曾是KDDI美国旗下资产。该品牌主打无限制套餐服务，支持用户自带或购买无锁智能手机入网，AT&T合约机/锁网机也可兼容使用。
Turning Point Australia（TPAUS）是一家位于澳大利亚的保守派游说团体，隶属于美国转折点组织但保持独立运营，由乔尔·贾马尔创立并于2023年完成注册。该团体目前正积极行动，试图影响2026年3月举行的南澳大利亚州选举结果。
HTO vs TPB — 直观对比
营收规模更大
HTO
是对方的1.6倍
$121.0M
营收增速更快
TPB
高出27.7%
1.5%
净利率更高
HTO
高出1.3%
6.8%
两年增速更快
TPB
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $121.0M |
| 净利润 | $16.2M | $8.2M |
| 毛利率 | — | 55.9% |
| 营业利润率 | 16.6% | 16.5% |
| 净利率 | 8.1% | 6.8% |
| 营收同比 | 1.5% | 29.2% |
| 净利润同比 | -29.2% | 239.8% |
| 每股收益（稀释后） | $0.45 | $0.40 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收HTOTPB
| Q4 25 | $199.4M | $121.0M | ||
| Q3 25 | $243.5M | $119.0M | ||
| Q2 25 | $197.8M | $116.6M | ||
| Q1 25 | $164.9M | $106.4M | ||
| Q4 24 | $196.5M | $93.7M | ||
| Q3 24 | $216.7M | $90.7M | ||
| Q2 24 | $173.1M | $93.2M | ||
| Q1 24 | $150.0M | $83.1M |
净利润HTOTPB
| Q4 25 | $16.2M | $8.2M | ||
| Q3 25 | $45.1M | $21.1M | ||
| Q2 25 | $24.7M | $14.5M | ||
| Q1 25 | $16.6M | $14.4M | ||
| Q4 24 | $22.9M | $2.4M | ||
| Q3 24 | $38.7M | $12.4M | ||
| Q2 24 | $20.7M | $13.0M | ||
| Q1 24 | $11.7M | $12.0M |
毛利率HTOTPB
| Q4 25 | — | 55.9% | ||
| Q3 25 | — | 59.2% | ||
| Q2 25 | — | 57.1% | ||
| Q1 25 | — | 56.0% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | — | 55.6% | ||
| Q2 24 | — | 54.1% | ||
| Q1 24 | — | 58.2% |
营业利润率HTOTPB
| Q4 25 | 16.6% | 16.5% | ||
| Q3 25 | 26.5% | 21.8% | ||
| Q2 25 | 22.2% | 22.6% | ||
| Q1 25 | 21.8% | 21.8% | ||
| Q4 24 | 22.2% | 19.1% | ||
| Q3 24 | 26.9% | 22.9% | ||
| Q2 24 | 23.4% | 24.5% | ||
| Q1 24 | 18.6% | 23.2% |
净利率HTOTPB
| Q4 25 | 8.1% | 6.8% | ||
| Q3 25 | 18.5% | 17.7% | ||
| Q2 25 | 12.5% | 12.4% | ||
| Q1 25 | 10.0% | 13.5% | ||
| Q4 24 | 11.7% | 2.6% | ||
| Q3 24 | 17.8% | 13.6% | ||
| Q2 24 | 12.0% | 14.0% | ||
| Q1 24 | 7.8% | 14.5% |
每股收益（稀释后）HTOTPB
| Q4 25 | $0.45 | $0.40 | ||
| Q3 25 | $1.27 | $1.13 | ||
| Q2 25 | $0.71 | $0.79 | ||
| Q1 25 | $0.49 | $0.79 | ||
| Q4 24 | $0.70 | $0.15 | ||
| Q3 24 | $1.17 | $0.68 | ||
| Q2 24 | $0.64 | $0.68 | ||
| Q1 24 | $0.36 | $0.63 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $20.7M | $222.8M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $372.0M |
| 总资产 | $5.1B | $763.8M |
| 负债/权益比越低杠杆越低 | 1.23× | — |
8季度趋势，按日历期对齐
现金及短期投资HTOTPB
| Q4 25 | $20.7M | $222.8M | ||
| Q3 25 | $11.3M | $201.2M | ||
| Q2 25 | $19.8M | $109.9M | ||
| Q1 25 | $23.7M | $99.6M | ||
| Q4 24 | $11.1M | $48.9M | ||
| Q3 24 | $4.0M | $33.6M | ||
| Q2 24 | $22.8M | $142.2M | ||
| Q1 24 | $4.5M | $130.9M |
总债务HTOTPB
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOTPB
| Q4 25 | $1.5B | $372.0M | ||
| Q3 25 | $1.5B | $358.2M | ||
| Q2 25 | $1.5B | $224.8M | ||
| Q1 25 | $1.4B | $203.4M | ||
| Q4 24 | $1.4B | $190.4M | ||
| Q3 24 | $1.3B | $185.7M | ||
| Q2 24 | $1.3B | $172.8M | ||
| Q1 24 | $1.2B | $160.0M |
总资产HTOTPB
| Q4 25 | $5.1B | $763.8M | ||
| Q3 25 | $5.0B | $742.8M | ||
| Q2 25 | $4.8B | $595.8M | ||
| Q1 25 | $4.7B | $564.6M | ||
| Q4 24 | $4.7B | $493.4M | ||
| Q3 24 | $4.6B | $488.0M | ||
| Q2 24 | $4.4B | $591.6M | ||
| Q1 24 | $4.4B | $586.3M |
负债/权益比HTOTPB
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $63.5M | $24.9M |
| 自由现金流经营现金流 - 资本支出 | — | $21.5M |
| 自由现金流率自由现金流/营收 | — | 17.8% |
| 资本支出强度资本支出/营收 | — | 2.8% |
| 现金转化率经营现金流/净利润 | 3.92× | 3.03× |
| 过去12个月自由现金流最近4个季度 | — | $43.8M |
8季度趋势，按日历期对齐
经营现金流HTOTPB
| Q4 25 | $63.5M | $24.9M | ||
| Q3 25 | $77.3M | $3.3M | ||
| Q2 25 | $60.8M | $11.8M | ||
| Q1 25 | $43.2M | $17.4M | ||
| Q4 24 | $41.5M | $17.7M | ||
| Q3 24 | $53.5M | $13.2M | ||
| Q2 24 | $49.3M | $13.4M | ||
| Q1 24 | $51.2M | $22.6M |
自由现金流HTOTPB
| Q4 25 | — | $21.5M | ||
| Q3 25 | — | $-721.0K | ||
| Q2 25 | — | $7.8M | ||
| Q1 25 | — | $15.2M | ||
| Q4 24 | — | $16.6M | ||
| Q3 24 | — | $12.6M | ||
| Q2 24 | — | $10.9M | ||
| Q1 24 | — | $22.3M |
自由现金流率HTOTPB
| Q4 25 | — | 17.8% | ||
| Q3 25 | — | -0.6% | ||
| Q2 25 | — | 6.7% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | — | 26.8% |
资本支出强度HTOTPB
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 0.4% |
现金转化率HTOTPB
| Q4 25 | 3.92× | 3.03× | ||
| Q3 25 | 1.71× | 0.16× | ||
| Q2 25 | 2.47× | 0.82× | ||
| Q1 25 | 2.61× | 1.21× | ||
| Q4 24 | 1.81× | 7.34× | ||
| Q3 24 | 1.39× | 1.07× | ||
| Q2 24 | 2.38× | 1.03× | ||
| Q1 24 | 4.38× | 1.89× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
TPB
| US | $111.5M | 92% |
| Non Us | $9.6M | 8% |
